on Nov 15, 2024
The Status app is currently in its beta stage. This means the application is still undergoing active development, and certain features described in this document may function differently or be unavailable within the app.
Currently, you can only swap on the Status desktop app.
By swapping, you exchange one asset for another, often for investment purposes or to access specific tokens. For example, you can swap ETH for SNT to join a Status Community that requires you to hold SNT.
If you want to move your asset to another blockchain network, see Bridge crypto in Status Wallet instead. If you are unsure, see Choose between bridging and swapping assets.
- In Status Wallet, you can swap ERC-20 assets on Ethereum Mainnet, Arbitrum, and Optimism blockchains.
- You can only swap assets, not collectibles.
- The price of the asset you're swapping may change during the transaction. This is known as slippage. You can set the maximum slippage to accept when swapping, and the slippage affects the swap fee.
- You need to pay a swap fee, which is automatically deducted from the amount you're swapping. You pay the fee to the blockchain that hosts your assets and the swap service, not Status Wallet. For more details, check out About bridge and swap fees.
If you are unsure whether to bridge or swap assets, consider the following scenarios:
| Scenario | Option | Notes |
|---|---|---|
| You want to use ETH on Arbitrum for lower fees. | Bridging | Move ETH from Ethereum to Arbitrum to access lower transaction costs and faster processing. |
| You hold ETH and want to trade it for Arbitrum's native token. | Swapping | Trade ETH for Arbitrum's native token directly using a decentralized exchange within the same blockchain. |
| You wish to access a dApp on Arbitrum that requires its native token. | Bridging | Bridge ETH from Ethereum to Arbitrum to interact with dApps not available on Ethereum. |
| You have ETH and need DAI to lend on a platform on Ethereum. | Swapping | Swap ETH for DAI directly on Ethereum to use in lending applications without leaving the network. |
| You want to diversify your crypto portfolio by converting some ETH to SNT. | Swapping | You may swap to take advantage of the crypto price movements. |
- 1From the navigation sidebar, clickWallet.
- 2Select the account that contains the crypto to swap.
- 3ClickSwap.
- 4Select the network, the asset to swap, and the asset to swap to.
- 5Enter the amount to swap.
- 6ClickEditto change the maximum slippage. The default slippage is 0.5%.
- 7Double-check the details and clickSwap.
Updated bycheny0on Nov 15, 2024
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